March 06, 2013. An extraordinary general meeting of Motovilikhinskiye Zavody shareholders will take place within the nearest 90 days. The main point on the agenda is re-electing the BOD. In fact, Perm Territory Arbitration Court satisfied the claim laid by UBT-Uralvagonzavod against Motovilikhinskiye Zavody in full, Uralvagonzavod Scientific & Production Corporation’s press service reports.

Now UBT-Uralvagonzavod insisted on the defendant calling an EGM, which was a perfectly legal requirement, as UBT-Uralvagonzavod has a stake in the business and owns over 15% of its shares. Under the Russian law, a shareholder meeting must be called upon the request or demand of anyone who has a stake of more than 10% in the company.

UBT-Uralvagonzavod took the case to court after Motovilikhinskiye Zavody refused to hold the meeting voluntarily. The court did not find the defendant’s arguments as to the meeting already having been planned and scheduled for late May 2013 very convincing and sustained UBT-Uralvagonzavod’s claim in full.

The early shareholder meeting aimed at electing a new Director-General will take place on March 5, 2013.